It is commonly proposed by those who accept the distinction between productive and unproductive labor that a rising proportion of unproductive labor constitutes a burden to the operation of a capitalist economy, because unproductive labor is paid out of surplus-value, leaving less available for...

This paper investigates how tax changes for different income groups affect aggregate economic activity. I construct a measure of who received (or paid for) tax changes in the postwar period using tax return data from NBER's TAXSIM. I aggregate each tax change by income group and state. Variation...

This paper will put forward a number of economic considerations raised by the Russia-Ukraine conflict with the external strong participation, on the side of the latter, of the United States and its NATO allies. We begin with some observations regarding the United States, followed by the...

Why do some attempts at disinflation lead to substantial reductions in inflation while others do not? We investigate this question in the context of the Federal Reserve's attempts at disinflation since World War II. Our central finding is that a fundamental determinant of success in reducing...

Die von der Regierung Reagan durchgeführte angebotsorientierte Wirtschaftspolitik hat weder das Wirtschaftswachstum stimuliert noch Investitionsanreize intensiviert. Es ist auch kein Einkommen von den Reichen zu den Armen "durchgesickert". Der erhoffte Trickle-Down-Effekt blieb aus. Stattdessen...

Bank distress was a defining feature of the Great Depression in the United States. Most banks, however, weathered the storm and remained in operation throughout the contraction. We show that surviving banks cut lending when depositors withdrew funds en masse during panics. This panic-induced...